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[Aug 2017] Ayat S.C Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

Ayat S.C Loses Appeal, 1,296 SQM Area of land to be Repossessed

Ayat S.C, whose major shareholder is in prison, lost a Supreme Court appeal over land snatched from the company and given to co-owner of Elilly Hotel’s, Gemshu Beyene.

Ayat had sued Gemshu and the Kirkos District for taking over the land it had previously leased. The District had taken over the leased land and given it to Gemshu, reasoning that Ayat did not undertake construction, as originally agreed. But Ayat claims that it had invested around three million Birr for underground digging. The land, which covers 1,696sqm, is located

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